- Thousands of traders were liquidated on Sunday after Bitcoinโs price plunged.
- The liquidations crossed half a billion dollars.
- Investors on Binance accounted for the lionโs share of the liquidations.
Crypto liquidations spiked on Sunday, crossing over half a billion dollars in the last 24 hours as Bitcoinโs price cut its rally short to move further from the $100,000 level.
Bitcoin surged to historic new highs after Donald Trump won the U.S. presidential election earlier this month. For the last week, the crypto asset mostly traded above $98,000, threatening to rise above $100,000, before plunging below $96,000 on Sunday amid mild volatility that wiped hundreds of millions from the market in a few hours.
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When writing, the overall crypto market cap had fallen from $3.5 trillion to $3.3 trillion.
Latest Crypto Liquidations
According to recent Coinglass data, over 199,000 traders were liquidated a total of $511.27 million in the last 24 hours following Bitcoinโs downward trend on Sunday evening. This included $380.57 million in long and $130.53 million in short liquidations.
Binance, the worldโs largest crypto exchange by trade volume, witnessed the largest single liquidation order of $13.4 million on its BTC/USDT trading pair. Total liquidations on the exchange over the last 24 hours reached $225.67 million as traders on OKX, Bybit, and HTX were liquidated $123.18 million, $119.03 million, and $28.19 million, respectively, over the same period.
Per the Coinglass liquidation heatmap, Bitcoin accounted for $78.94 million of the total liquidations, followed by Ether, DOGE, and XRP at $42.25 million, $34.96 million, and $30.62 million, respectively.
CoinMarketCap data shows that Bitcoinโs price fell from a daily high of $98,515 on Sunday to $95,830 at around 8.50 PM (GMT+3). The crypto asset had trimmed some of the losses to exchange hands at $97,618 at the time of writing.
Stay updated on the SECโs crackdown on crypto:
SEC Achieves Record $8.2B in Remedies Amid Crypto Crackdown
Read about Tetherโs massive USDT minting on Ethereum:
Tetherโs Treasury Mints 2 Billion USDT on Ethereum Network
